Promoter R K Damani to pare holding in Avenue Supermarts

Shares of the company - up risen nearly fivefold since its maiden offering last year - dropped five per cent following the announcement

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When a stock market friend complained that his staff was hovering around him while he was shopping at D-Mart, Damani told his staff to never do it again.

BS Reporter

Last Updated : May 19 2018 | 3:03 AM IST

Avenue Supermarts, operators of retail chain D-Mart, announced promoter R K Damani would pare his stake to comply with the shareholding norms. Shares of the company — up risen nearly fivefold since its maiden offering last year — dropped five per cent following the announcement.

According to the company, Damani plans to sell 6.24 million shares (about one per cent) between May 21 and June 14 in the open market. Currently, the total promoter holding in Avenue Supermarts is 82.2 per cent, which needs to be brought down to at least 75 per cent by March 2020. Damani in